Core Viewpoint - The company, Yuean New Materials (688786.SH), has confirmed that its carbonyl iron powder products can be used as a raw material in "magnetorheological dampers," with varying performance requirements from different clients [1] Group 1: Product Application - The carbonyl iron powder is utilized in magnetorheological dampers, which are commonly configured with four sets per vehicle [1] - Each vehicle typically requires approximately 3kg to 5kg of carbonyl iron powder for its dampers [1] Group 2: Market Supply - The company has established stable bulk supply of its products to international clients, while domestic collaborations are currently in the small batch shipping phase [1]

Core Viewpoint - The company, Yuean New Materials (688786.SH), is focusing on the development and production of soft magnetic powders based on carbonyl iron powder and atomized alloy powder, with a key application in manufacturing integrated inductors, which are widely used in graphics cards and computing servers [1] Group 1 - The core downstream application of the company's soft magnetic powder is the manufacturing of integrated inductors, which offer advantages such as miniaturization, lightweight, and low power consumption [1] - The demand for the company's soft magnetic powder is expected to be positively impacted by the construction of AI computing power-related electrical facilities [1] - The company plans to leverage its fine powder advantages and implement mass production in response to market frequency increases, providing support services for manufacturers lacking fine powder capabilities [1]

Group 1 - The report highlights the overall stability of the A-share market in October, with the Shanghai Composite Index slightly increasing by 1.85%, while the ChiNext Index decreased by 1.56% [3] - In the fixed income market, the central bank maintained a tight balance in October, with a net withdrawal of funds amounting to 25.3 billion yuan, and liquidity remained stable towards the end of the month [3] - Commodity prices showed a rebound in October, with non-ferrous metals and precious metals increasing, while pork prices continued to decline [3] - The report anticipates a continuation of stable and flexible policies in the second half of the year, focusing on economic construction and addressing potential geopolitical risks [3][30] Group 2 - The bond market showed signs of recovery in October, with improved trading sentiment and a noticeable decrease in interest rate fluctuations compared to September [5] - Large banks increased their net purchases of short-term bonds, while insurance companies and rural commercial banks shifted their selling focus towards shorter-term bonds [5][31] - The report suggests that the year-end "rush for allocation" may not occur this year due to the volatile bond market and accumulated losses for some institutional investors [5][34] Group 3 - The report emphasizes the importance of understanding the lifecycle of new materials for investment, indicating that many new materials are in the development or introduction phase [6][8] - It suggests that short-term excess returns in new materials investment are closely tied to market trends, and emotional factors play a significant role in theme-based investments [8] - The report recommends focusing on solid-state batteries and electronic fabrics as key investment areas within the new materials sector [8] Group 4 - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10%, with a net profit of 17.37 billion yuan, up 14.7% [10] - The company’s domestic air conditioning segment drove growth, while overseas markets showed resilience, particularly in North America and Europe [10] - Midea Group achieved a revenue of 1119.3 billion yuan in Q3 2025, with a net profit of 11.87 billion yuan, indicating strong performance in domestic sales [11][17] Group 5 - The report on environmental utilities indicates that ChuanTou Energy's Q3 revenue was 429 million yuan, down 11.3% year-on-year, with a net profit of 176 million yuan, down 16.96% [18] - The report notes that the company is developing multiple renewable energy projects to enhance future profitability [18] - Guotou Power's Q3 revenue was 14.88 billion yuan, down 14% year-on-year, but the overall performance remained stable due to the coal price decline [19]

格隆汇11月4日丨悦安新材(688786.SH)在投资者互动平台表示，公司在对芳香胺脱氨领域开展前期市场 调研工作，尚未形成相关业务合同。后续若推进该领域业务拓展，公司将严格依照相关规定，及时履行 信息披露义务。 ...

Group 1 - The core point of the article is that YUEAN New Materials (688786.SH) has stated that its carbonyl iron powder is not yet applied in the research and manufacturing of axial flux motors [1] Group 2 - The company is currently engaging with investors on its interactive platform regarding its product applications [1]

（记者 曾健辉） 悦安新材（688786.SH）11月4日在投资者互动平台表示，尊敬的投资者，您好。公司在对芳香胺脱氨领 域开展前期市场调研工作，尚未形成相关业务合同。后续若推进该领域业务拓展，公司将严格依照相关 规定，及时履行信息披露义务。感谢您的关注。 每经AI快讯，有投资者在投资者互动平台提问：请问我们公司是否有涉及芳香胺脱氨的相关项目和合 同？ ...

Core Viewpoint - The company has not yet applied its carbonyl iron powder in the research and manufacturing of axial flux motors [1] Group 1 - Investors inquired about the application of the company's carbonyl iron powder in high-performance soft magnetic composite materials [1] - The company confirmed that its carbonyl iron powder has not been used in the development and manufacturing of axial flux motors [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Insights - The company achieved a revenue of 321 million yuan in the first three quarters of 2025, representing a year-over-year increase of 3.2%. In Q3 alone, revenue reached 117 million yuan, up 10.8% year-over-year and 9.6% quarter-over-quarter [1][2]. - The net profit attributable to the parent company for the first three quarters was 61 million yuan, a year-over-year increase of 9%. In Q3, net profit was 23 million yuan, reflecting a year-over-year growth of 19.3% and a quarter-over-quarter increase of 10.8% [1][2]. - The company is in the process of ramping up production capacity for its carbonyl iron powder project, which is expected to double its capacity from 5,500 tons to 11,500 tons. This new capacity is anticipated to contribute positively to the company's performance as it focuses on high-end product optimization [3][4]. Financial Performance Summary - For Q3 2025, the gross margin was 40.6%, showing a quarter-over-quarter increase of 0.49 percentage points. The net profit margin for Q3 was 19.79%, up 1.47 percentage points from the previous quarter [2]. - The company forecasts net profits of 80 million yuan, 130 million yuan, and 160 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 53, 33, and 26 times [3][4]. Capacity Expansion and Future Outlook - The company’s IPO-funded project for carbonyl iron powder is expected to reach full production capacity by the end of Q3 2023, with gradual capacity release based on market demand. This expansion is projected to alleviate production bottlenecks and enhance profitability through economies of scale [3][4]. - The company is also developing a new process at its Ningxia base, which is expected to further open growth opportunities. The first phase of the carbonyl iron powder demonstration line is anticipated to enter trial production in 2025 [3].

Core Insights - The company Yu'an New Materials (688786.SH) reported a total operating revenue of 321 million yuan for Q3 2025, ranking 25th among disclosed peers [1] - The net profit attributable to shareholders was 61.42 million yuan, placing the company 18th among its peers [1] - The net cash inflow from operating activities was 118 million yuan [1] Financial Performance - The latest debt-to-asset ratio is 28.87%, which is an increase of 2.82 percentage points from the previous quarter and an increase of 9.22 percentage points year-on-year [3] - The latest gross profit margin stands at 38.94% [3] - The return on equity (ROE) is reported at 8.23% [3] - The diluted earnings per share (EPS) is 0.43 yuan [3] Efficiency Metrics - The total asset turnover ratio is 0.33 times, ranking 26th among disclosed peers, which is a decrease of 0.03 times or 7.27% year-on-year [3] - The inventory turnover ratio is 1.92 times, ranking 17th among disclosed peers [3] Shareholder Information - The number of shareholders is 5,289, with the top ten shareholders holding a total of 79.67 million shares, accounting for 55.40% of the total share capital [3] - Detailed shareholding information of the top shareholders is provided, indicating significant ownership concentration [3]

Core Viewpoint - The company, Jiangxi Yuean New Materials Co., Ltd., is set to hold a performance briefing for the third quarter of 2025 to discuss its operational results and financial status with investors [10][11]. Financial Data - The third quarter financial report has not been audited, and the company assures the accuracy and completeness of the financial information presented [3][8]. - The report period refers to the three months from the beginning to the end of the quarter [3]. Shareholder Information - The company guarantees the authenticity of the quarterly report and the financial data provided, with legal responsibility for any misrepresentation or omissions [2][9]. - There are no significant changes in the major shareholders or their holdings reported for this quarter [5]. Performance Briefing Details - The performance briefing is scheduled for November 6, 2025, from 11:00 AM to 12:00 PM, and will be conducted via an online interactive format [10][12]. - Investors can submit questions in advance from October 30 to November 5, 2025, and the company will address common concerns during the briefing [10][13]. Contact Information - For inquiries, investors can contact the board office via phone or email provided in the announcement [14].